How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Linda_us Your Own Question

Linda_us
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 6993
Experience:  Post Graduate Diploma in Management (MBA)
Type Your Homework Question Here...
Linda_us is online now
A new question is answered every 9 seconds

Question 1 The statement of cash flows Answer must

Resolved Question:

Question 1

The statement of cash flows
Answer

must be prepared on a daily basis.

summarizes the operating, financing, and investing activities of an entity.

is another name for the income statement.

is a special section of the income statement.
10 points
Question 2

Which one of the following items is not generally used in preparing a statement of cash flows?
Answer

Adjusted trial balance.

Comparative balance sheets.

Current income statement.

Additional information.
10 points
Question 3

If a company reports a net loss, it
Answer

may still have a net increase in cash.

will not be able to pay cash dividends.

will not be able to get a loan.

will not be able to make capital expenditures.
10 points
Question 4

The statement of cash flows will not report the
Answer

amount of checks outstanding at the end of the period.

sources of cash in the current period.

uses of cash in the current period.

change in the cash balance for the current period.
10 points
Question 5

Which of the following transactions does not affect cash during a period?
Answer

Write-off of an uncollectible account.

Collection of an accounts receivable.

Sale of treasury stock.

Redeeming bonds before maturity.
10 points
Question 6

Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by operating activities?
Answer

$305,000.

$290,000.

$240,000.

$180,000.
10 points
Question 7

Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
Answer

$.

$395,000.

$115,000.

$.
10 points
Question 8

Accounts receivable arising from sales to customers amounted to $120,000 and $105,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $407,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is
Answer

$407,000.

$422,000.

$512,000.

$392,000.
10 points
Question 9

Which one of the following affects cash during a period?
Answer

Recording depreciation expense.

Declaration of a cash dividend.

Write-off of an uncollectible account receivable.

Payment of an accounts payable.
10 points
Question 10

Peninsula Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense of $45,000 was recorded. Net cash provided by operating activities for the year is
Answer

$275,000.

$245,000.

$227,000.

$260,000.
10 points
Question 11

An extraordinary item must meet which of the following two criteria?
Answer

Foreseeable and material

Infrequent and unusual

Substantial and measurable

Unusual and measurable
10 points
Question 12

All of the following are reported on the income statement net of tax except
Answer

irregular items.

other comprehensive income items.

income from operations.

extraordinary items.
10 points
Question 13

An income statement would not include
Answer

other revenue and gains.

extraordinary items.

discontinued operations.

dividends paid.
10 points
Question 14

When a change in depreciation method occurs
Answer

prior years' financial statements should be changed to reflect the newly adopted method.

the change should be reported in current and future years.

the cumulative effect of the change should be reflected on the income statement as of the beginning of the next year.

the cumulative effect of the change in accounting principle should be classified as an extraordinary item on the income statement.
10 points
Question 15

Which of the following is not an irregular item
Submitted: 1 year ago.
Category: Homework
Expert:  Linda_us replied 1 year ago.

Thanks for requesting me.

 

Whats your deadline for this questions?

 

For future request please do write "FOR LINDA" at start of your post.

Customer: replied 1 year ago.

the deadline is before friday, there are more 15 questions do you want me put it here or "ase a new question"?

Expert:  Linda_us replied 1 year ago.
You can post them here itself. You can add a suitable Bonus once I post the solution.
Customer: replied 1 year ago.

Question 15





    • Which of the following is not an irregular item on the income statement?

      Answer




















  • Discontinued operations




  • Extraordinary items




  • Other revenues and expenses




  • Loss on disposal of a significant component of a business




    10 points


    Question 16





      • Horizontal analysis is also known as

        Answer




















    • vertical analysis.




    • linear analysis.




    • trend analysis.




    • common size analysis.




      10 points


      Question 17





        • Comparative balance sheets

          Answer




















      • are usually prepared for at least one year.




      • are usually prepared for at least two years.




      • do not show both dollar amount and percentage changes.




      • do not show a comparison of total stockholders’ equity.




        10 points


        Question 18





          • In a common size income statement, the 100% figure is

            Answer




















        • net income.




        • cost of goods sold.




        • gross profit.




        • net sales.




          10 points


          Question 19





            • Cochran Corporation, Inc. has the following income statement (in millions):
              COCHRAN CORPORATION, INC.
              Income Statement
              For the Year Ended December 31, 2014
              Net Sales $240
              Cost of Goods Sold 80
              Gross Profit 160
              Operating Expenses 65
              Net Income $ 95
              Using vertical analysis, what percentage is assigned to net income?


              Answer




















          • 100%




          • 60%




          • 40%




          • 33%




            10 points


            Question 20





              • Which one of the following is not a characteristic generally evaluated in ratio analysis?

                Answer




















            • Liquidity




            • Profitability




            • Marketability




            • Solvency




              10 points


              Question 21





                • When expenses exceed revenues, which of the following is true?

                  Answer




















              • a net loss results




              • a net income results




              • assets equal liabilities




              • assets are increased




                10 points


                Question 22





                  • Dividends are reported on the

                    Answer




















                • income statement.




                • retained earnings statement.




                • balance sheet.




                • income statement and balance sheet.




                  10 points


                  Question 23





                    • Liabilities of a company are owed to

                      Answer




















                  • debtors.




                  • owners.




                  • creditors.




                  • stockholders.




                    10 points


                    Question 24





                      • Stockholders’ equity

                        Answer




















                    • is equal to liabilities and retained earnings.




                    • is usually equal to cash on hand.




                    • includes retained earnings and common stock.




                    • is shown on the income statement.




                      10 points


                      Question 25





                        • Elston Company compiled the following financial information as of December 31, 2014:
                          Service revenue $700,000
                          Common stock 150,000
                          Equipment 200,000
                          Operating expenses 625,000
                          Cash 175,000
                          Dividends 50,000
                          Supplies 25,000
                          Accounts payable 100,000
                          Accounts receivable 75,000
                          Retained earnings, 1/1/14 375,000


                          Elston’s assets on December 31, 2014 are


                          Answer




















                      • $1,175,000.




                      • $850,000.




                      • $400,000.




                      • $475,000.




                        10 points


                        Question 26





                          • Elston Company compiled the following financial information as of December 31, 2014:
                            Service revenue $700,000
                            Common stock 150,000
                            Equipment 200,000
                            Operating expenses 625,000
                            Cash 175,000
                            Dividends 50,000
                            Supplies Inventory 25,000
                            Accounts payable 100,000
                            Accounts receivable 75,000
                            Retained earnings, 1/1/14 375,000


                            Elston’s retained earnings on December 31, 2014 are


                            Answer




















                        • $450,000.




                        • $375,000.




                        • $400,000.




                        • $ 25,000.




                          10 points


                          Question 27





                            • Benedict Company compiled the following financial information as of December 31, 2014:
                              Service revenue $560,000
                              Common stock 120,000
                              Equipment 160,000
                              Operating expenses 500,000
                              Cash 140,000
                              Dividends 40,000
                              Supplies 20,000
                              Accounts payable 80,000
                              Accounts receivable 60,000
                              Retained earnings, 1/1/14 300,000


                              Benedict’s assets on December 31, 2014 are


                              Answer




















                          • $940,000.




                          • $680,000.




                          • $320,000.




                          • $380,000.




                            10 points


                            Question 28





                              • An annual report includes all of the following except

                                Answer




















                            • management discussion and analysis section.




                            • notes to the financial statements.




                            • an auditor’s report.




                            • salary information for all the executives.




                              10 points


                              Question 29





                                • In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results?

                                  Answer




















                              • Notes to the financial statements




                              • Management discussion and analysis section




                              • Balance sheet




                              • Auditor’s report




                                10 points


                                Question 30





                                  • Which of the following statements is true?

                                    Answer




















                                • Publicly traded U.S. companies must provide an annual report to their shareholders when operating conditions change significantly.




                                • An unqualified independent auditor’s report must be included in the annual report.




                                • Notes to the financial statements do not need to be included in the annual report because that information is only for internal users.




                                • None of these answer choices are correct.




                                  10 points

                                  Customer: replied 1 year ago.

                                  I see, you can give me the answers before friday. thanks

                                  Expert:  Linda_us replied 1 year ago.
                                  I will post the solution tonight itself. Two Option for question 7 are missing?
                                  Customer: replied 1 year ago.


                                  Question 7





                                    • Zoum Corporation had the following transactions during 2014:
                                      1. Issued $125,000 of par value common stock for cash.
                                      2. Recorded and paid wages expense of $60,000.
                                      3. Acquired land by issuing common stock of par value $50,000.
                                      4. Declared and paid a cash dividend of $10,000.
                                      5. Sold a long-term investment (cost $3,000) for cash of $3,000.
                                      6. Recorded cash sales of $400,000.
                                      7. Bought inventory for cash of $160,000.
                                      8. Acquired an investment in Zynga stock for cash of $21,000.
                                      9. Converted bonds payable to common stock in the amount of $500,000.
                                      10. Repaid a 6 year note payable in the amount of $220,000.
                                      What is the net cash provided by financing activities?


                                      Answer




















                                  • $<105,000>.




                                  • $395,000.




                                  • $115,000.




                                  • $<605,000>.


                                  Expert:  Linda_us replied 1 year ago.
                                  THIS ANSWER IS LOCKED!
                                  You can view this answer by clicking here to Register or Login and paying $3.
                                  If you've already paid for this answer, simply Login.
                                  Linda_us, Finance, Accounts & Homework Tutor
                                  Category: Homework
                                  Satisfied Customers: 6993
                                  Experience: Post Graduate Diploma in Management (MBA)
                                  Linda_us and 9 other Homework Specialists are ready to help you
                                  Customer: replied 1 year ago.

                                  I didn't see the answer of question 30

                                  Expert:  Linda_us replied 1 year ago.
                                  Its " None of these answer choices are correct"
                                  Customer: replied 1 year ago.

                                  got it

                                  Expert:  Linda_us replied 1 year ago.
                                  Good night. Smile
                                  Customer: replied 1 year ago.

                                  Smile

                                  JustAnswer in the News:

                                   
                                   
                                   
                                  Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
                                  JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
                                  Web sites like justanswer.com/legal
                                  ...leave nothing to chance.
                                  Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
                                  Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
                                  I will tell you that...the things you have to go through to be an Expert are quite rigorous.
                                   
                                   
                                   

                                  What Customers are Saying:

                                   
                                   
                                   
                                  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
                                  < Last | Next >
                                  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
                                  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
                                  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
                                  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
                                  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
                                  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
                                  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
                                   
                                   
                                   

                                  Meet The Experts:

                                   
                                   
                                   
                                  • Manal Elkhoshkhany

                                    Tutor

                                    Satisfied Customers:

                                    4520
                                    More than 5000 online tutoring sessions.
                                  < Last | Next >
                                  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

                                    Manal Elkhoshkhany

                                    Tutor

                                    Satisfied Customers:

                                    4520
                                    More than 5000 online tutoring sessions.
                                  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

                                    Linda_us

                                    Finance, Accounts & Homework Tutor

                                    Satisfied Customers:

                                    3121
                                    Post Graduate Diploma in Management (MBA)
                                  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

                                    LogicPro

                                    Engineer

                                    Satisfied Customers:

                                    3035
                                    Expert in Java C++ C C# VB Javascript Design SQL HTML
                                  • http://ww2.justanswer.com/uploads/lanis/2009-4-1_233717_phput9xef_c1pm.jpg Lani S.'s Avatar

                                    Lani S.

                                    Tutor

                                    Satisfied Customers:

                                    2457
                                    Registered Nurse, Internet Researcher, Private Tutor
                                  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

                                    Chris M.

                                    M.S.W. Social Work

                                    Satisfied Customers:

                                    2341
                                    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
                                  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

                                    F. Naz

                                    Chartered Accountant

                                    Satisfied Customers:

                                    1975
                                    Experience with chartered accountancy
                                  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

                                    Bizhelp

                                    CPA

                                    Satisfied Customers:

                                    1873
                                    Bachelors Degree and CPA with Accounting work experience